Amount Amount Liabilities Trade Creditors Bills Payable Expenses Owing Sheela's Loan Rs Assets 3.000 Cash in Hand 4.500 Cash at Bank 3.750 Debtors 24.283 Stock Factory Premises Machinery Rs 1.50 7.50 15.000 12.00 24.300 Capitals: 8.000 947 Q3 : Pankaj. Naresh and Saurabh are partners sharing profits in the ratio of 3:2:1. Naresh retired from the firm due to his illness. On that date the Balance Sheet of the firm was as follows: Amount Rs 7,600 6.000 (400) 5.600 Books of Pankaj. Naresh and Saurabh Balance Sheet as on March 31, 2007 Amount Liabilities Assets Rs General Reserve 12.000 Bank Sundry Creditors 15.000 Debtors Bills Payable 12.000 Less: Provision for Doubtful Debt Outstanding Salary 2.200 Provision for Legal Damages 6,000 Stock Capitals: Furniture Pankaj 46.000 Premises Naresh 30.000 Saurabh 20.000 96.000 1.43.200 9,00 41.000 80.00 1.43.20 Additional Information (1) Premises have appreciated by 20%, stock depreciated by 10% and provision for doubtful debts was to be made 5% on debtors. Further, provision for legal damages is to by made for Rs 1,200 and furniture to be brought up to Rs 45,000%. (The amount of Rs 450 that is being given in the book for furniture is a mistake, as it should be Rs 45.000) (ii) Goodwill of the firm be valued at Rs 42.000. (iii) Rs 26,000 from Naresh's Capital account be transferred to his loan account and balance be paid through bank; if required, necessary loan may be obtained from Bank. (iv) New profit sharing ratio of Pankaj and Saurabh is decided to be 5:1. Give the necessary ledger accounts and balance sheet of the firm after Naresh's retirement